Tax Matters for the Arts - Second win for Archibald Prize You can imagine how - Lowensteins
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NEWSLETTER
NEWSLETTERJUNEAPR 2013
2012
Tax Matters for the Arts
Second win for
Archibald Prize
Y ou can imagine how
Del Kathryn Barton, a Sydney
born artist, must be feeling after
her triumph in taking the prestigious
prize for the second time.
Ms Barton blitzed the strong field of 39 finalists
with her portrait of Australian actor, Hugo
Weaving, to be awarded the coveted prize by
the Art Gallery of New South Wales.
Along with the prestige of winning the 2013
Archibald Prize, Ms Barton also went home
with a cheque for $75,000 for her efforts.
Her depiction of Weaving holding a wildcat
intrigued the judges and fascinated the
competitive field of 865-plus rivals.
Ms Barton explained that the cat represented
other facets of Mr Weaving’s personality.
The cat, she said, had come up in conversation
with the actor about what was close to his
heart.
Ms Barton told ABC News: “When he was
talking about animals that he might potentially
identify with, there was the idea of the wildcat hugo, by Del Kathryn Barton, Courtesy of Art Gallery of New South Wales
or the leopard or the wolf.”
“So in the end it was a kind of generic wildcat Weaving himself has also been keenly sought after for artists to paint. Last
to represent other facets of his personality”, year he sat for Nicholas Harding as an Archibald entrant.
she said. Since graduating with a Bachelor of Fine Arts from the University of New South
Mr Weaving was reportedly happy with the Wales in 1993, Del Kathryn Barton has built an enviable following with regular
watercolour, acrylic and gouache portrait. shows in her hometown and Melbourne.
Ms Barton said she had admired the actor for Her success is evident from her form in the annual Archibald Prize. As a fourth
years and had wanted to portray a “sincere, time entrant, Ms Barton has not only won twice but has been a finalist twice.
deep, generous and creative soul” in her Not a bad innings and one would expect her good fortune to continue.
portrait. Ms Barton’s vibrant work is instantly recognised by its decorative and figurative
While she had initially considered a simple imagery which combine traditional painting techniques with contemporary
pictorial approach to painting Mr Weaving’s applications.
portrait, Ms Barton said once she sat down and She is represented by the Roslyn Oxley9 Gallery in Sydney.
chatted with the actor her mind changed after
Congratulations Del Kathryn Barton on winning the 2013 Archibald Prize.
she felt moved by his personal stories.
The Archibald Packing Room Prize was awarded to Mathew Lynn for his portrait
“Hugo Weaving is an Australian cultural icon,
of the author/novelist, Tara Moss.
an artist in every sense of the word”, she says.
Ms Moss, who is Canadian born, is a former model who reinvented herself with
Ms Barton previously won the Archibald Prize
success in writing crime fiction.
back in 2008 in which she painted herself and
her two children. Lynn has himself been a finalist many times in the Archibald Prize.
However, having actors sit for her is nothing He resides in Sydney’s Blue Mountains and his works can be found in major
new. In 2011, she was also a finalist for institutions, including the National Portrait Gallery in Canberra.
the Archibald Prize for her portrait of actor The Packing Room Prize gives staff at the Gallery of New South Wales the
Cate Blanchett. opportunity to vote for their favorite Archibald portrait.
LOWENSTEINS ARTS MANAGEMENT :1
Winners are grinners
Sir John Sulman Prize
Congratulations to Victoria Reichelt who Reichelt says with the invention of ipads,
took out the $30,000 Sir John Sulman kindles and audio books, books as objects
Prize from 37 other finalists. themselves “are sort of endangered a little
The Sulman is one of Australia’s bit”.
longest running art prizes, having been “The idea is as if all the people have gone
established in 1936, and is now run from the library and the animals have
concurrently with the Archibald Prize. moved back in to take over”,
Awarded for the best subject painting, she explains.
genre painting or mural project by an Many would agree that computers and the Gold for Asher Keddie
Australian artist, the Sulman attracts a internet have resulted in research being
highly competitive field. done online rather than the traditional Lowensteins Arts Management would like to
Reichelt’s thoughtful depiction of what method of delving into a library book to congratulate Australian actor, Asher Keddie,
libraries could mean to us in the future acquire information. for taking out television’s highest honor, the
impressed fellow artist and judge, Kate “Books are kind of being left behind a bit”, Gold Logie Award.
Beynon. says Reichelt. Asher is a long time client of Lowensteins
In her oil on linen composition, Reichelt The Queensland-based artist is represented Arts Management and we always knew she
depicts a deer gazing at library books by Dianne Tanzer Gallery in Fitzroy. was a big star!
on shelves in what is obviously foreign Reichelt, who is in her mid 30’s, is currently The award for Most Popular Personality
territory for the deer. working on a new series of paintings for on Australian Television was presented to
The artist explains that her work looks exhibition at the Dianne Tanzer Gallery Asher at the Gold Logie Awards ceremony
at objects “in danger of 21st Century around October of this year. held at Crown Casino recently.
culture and technology.” The 38-year-old actor is perhaps best
known for her role as Doctor Nina
The Wynne Prize Proudman in the Network Ten drama,
Offspring.
Imants Tillers has won the Wynne Prize “I think he’s the precursor of this sort of She had previously been nominated for the
with his work – Namatjira. Gold Logie twice before so she was indeed
rennaissance of aboriginal art”, says Tillers,
‘third time lucky’.
It’s the second successive year Tillers who has long admired the painter.
has won the Wynne Prize. Melbourne born and bred, Asher put in
Tillers is an Australian visual artist, curator
an incredible performance portraying Ita
The $35,000 prize is awarded annually and writer.
Buttrose in the ABC television series, Paper
for the best landscape painting of Born in Sydney in 1950, he lives in Cooma, Giants: The Birth of Cleo, depicting the
Australian scenery or the best example New South Wales, after moving there in the magazine editor to a tee.
of figure sculpture by Australian artists. late 1990’s. Her depiction of Blanche d’Alpuget in
Tillers painting is homage to Albert He has exhibited in numerous group another telemovie (2010) about former
Namatjira, who was one of the most exhibitions around the world and in 2005 Prime Minister, Bob Hawke, was equally
pivotal figures in Australian art. was awarded a Doctor of Letters honoris compelling.
Namatjira is perhaps Australia’s most causa by the University of New South Asher’s roles in Underbelly, Rush and Love
famous Aboriginal artist and one of Wales for his distinguished contribution to My Way are also applauded.
the pioneers of contemporary the field of arts.
Indigenous Australian Art. Love My Way, a drama series which aired
on Foxtel, is considered to have been
His watercolor responsible for giving Asher her big break
and Australian in 2004.
outback desert Her first television role was in 1985 in Five
landscapes Mile Creek.
were of the
Hermannsburg In 1998, Asher made her stage debut with
School of the Melbourne Theatre Company. She
Aboriginal Art. was nominated for the highly prestigious
Green Room Award for her performances in
Upon his death the MTC’s 2005 production of Les Liaisons
in 1959 from Dangereuses and the Playbox’s The
a heart attack, Ishmael Club.
Namatjira left a
legacy of around Asher ‘s partner is renowned Australian
two thousand painter, Vincent Fantauzzo.
paintings. Congratulations Asher on a well deserved
award.
Namatjira, by Imants Tillers Image courtesy of Art Gallery of NSW
LOWENSTEINS ARTS MANAGEMENT : 2
Bleak Picture as galleries battle to hang in
Andrea Petrie, Benjamin Preiss/Fairfax Syndication. From the Sunday Age, May 12th
Up to 30 per cent of art collections altogether.
The introduction of the resale royalties
and sharper these days,” she said.
“It’s really about hanging in there. But it
galleries in Melbourne scheme in 2010 had also affected certainly takes you back to reality when
have closed down auction houses and dealers, he said.
Since then five per cent of the resale
your trading drops 40 to 50 percent in a
very short space of time.”
during the past two price of any art sold has to be paid to the
artist or their estate for 70 years after the
Veteran art dealer, John Buckley,
years, with those in artist’s death. “This added to the lack of
was also optimistic, saying: “Nothing
ever stays down forever. This has
the industry blaming buying enthusiasm”, he said.
Michael Powell, Director of
been a particularly bad period for the
the global financial Collingwood’s Ochre gallery, admitted:
economy, but whilst there’s still a lot
of people talking doom and gloom, the
crisis and tighter rules “At some point I suspect I will have to
close.”
sharemarket has been healthy over
the last 12 months and has recovered
surrounding “Like so many others, I have had to almost all of its losses since the GFC hit
art investments. shave the business way back and
there’s only so far you can cut back
and housing seems to be fairly healthy
again. In time, although it lags a bit
before you hit the bone.” behind, the art market does tend to
Increasing rents for gallery space and “There are still a lot of galleries out there follow suit.”
the introduction of resale royalties are who, like me, are all losing money, and Monash University fine art senior
also believed to have contributed to the although I’ve got a fairly high tolerance lecturer, Dan Wollmering, said he had
closures of an estimated 20 galleries, for pain and I heal fairly well, you can noticed up to 12 galleries closing in the
with other capitals including Sydney, only bleed for so long before it’s over.” past 18 months.
Perth and Adelaide also affected. Dr Wollmering, a sculptor, who has
Karen Woodbury closed her Richmond
Specialist arts management accountant, gallery in February last year after her exhibited his work since 1979, said
Tom Lowenstein, said the art market landlord substantially increased the this limited the opportunities for artists
had been hit hard by the GFC because rent. While she is about to open a new because while well known artists were
economic uncertainty inevitably led to a gallery in Flinders Lane, she said she often unaffected by poor art markets,
drop in art sales. had largely been relying on her website most artists struggled when consumers
He said the 2011 changes to regulations to generate business while she worked cut their spending.
for self-managed superannuation funds from home. She also had taken part in “Markets are determined by the
being able to acquire works of art had art fairs and had worked in collaboration psychology of people,” he said. “If
also contributed – in particular, changes with another art gallery. people are feeling secure and confident
to how art had to be stored. “This meant “We’ve been through boom time and and healthy they’re more apt to buy art.
that not only could owners of the funds having been in the industry for 20-odd It’s very good and healthy for the culture
not display the works of art, but they years I have been through booms and it’s a shame we can’t support more
weren’t even allowed to store them at before, but I think the cycles are quicker artists by buying artworks.”
home and had to keep them off the
premises, which meant
incurring additional
costs”, he said.
“This made it
unmanageable from a
practical and economic
point of view, which in
my opinion is a major
reason why the art
market has diminished
by 25 to 30 per cent.”
He estimated that art
sales to super funds
before the legislation
change had been in the
vicinity of $100 million
in Australia, but since
the changes had come
into effect, the owners
of many of funds had
stopped buying art and
many had sold their
Tidal Almanac The Warming of the Seas by John Wolseley, 1988-1990
LOWENSTEINS ARTS MANAGEMENT : 3
Book Review: The Value of Art By Michael Findlay Prestel, 2012
By Miriam Grundy
Art-lit appears to be an
increasingly popular genre, from
Sarah Thornton’s libel- causing
Seven Days in the Art World
to tales of ambitious gallerists
in Steve Martin’s An Object of
Beauty and Tom Wolf’s latest
novel Back to Blood, set in the
feeding frenzy that is the Miami
Art Fair. And not to mention the
plethora of ‘how to buy and sell
art’ titles that date faster than a
Women’s Weekly cookbook.
Family Tree by Sally Smart, 2003
Sitting somewhere in between all these makes the art world go round, up and of auction house PR being disguised as
is Michael Findlay’s The Value of Art. late, down. ‘news’ and industry gush replacing fair
It’s part market report, part memoir and learned criticism.
Part two is Euphrosyne, the Goddess of
peppered with thoughts ranging from
Joy, metaphor for the social aspect of Findlay reinforces the mantra of all
lack of sincerity of current collectors to art. This is both the positive, communal
the rapid rise and future predictions for successful collectors: buy what you like
act that art stimulates as well as the not what you think the market will like
the Asian art market. social power that is derived from being and that the best investment you can
As far as dealer pedigree goes, part of the “Big Numbers” set. make is in developing your eye and
Findlay is at the top of the ladder. He The third section is Aglaea, for the understanding. He advises collectors to
is a director at Acquavella Galleries, Goddess of Beauty, which for Findlay look at all types of art and to get to know
New York and was previously Head of is where the real, intrinsic value of the dealers and artists but remain aware
Impressionist and Modern Paintings art lies. The final section is ‘Marley’s of the dynamic of these relationships.
then International Director of Fine Art at Ghost: Past, Present, Future’ where he
Christies, New York. While he can speak Another tip is to be adventitious,
bemoans the cult of the collector that dedicate a percentage of your buying
with great authority, it does seems odd now micro-manages the art world; the
considering where Findlay is situated to budget for works by emerging artists
dangers of instant gratification in art and because every established artist
be criticising the behaviour and mentality the superficial ‘glancing’ culture in which
of a market that he and his associates was once an ‘unknown’. And most
we live. importantly, if you love the art PICTURE
you live NEEDED
have undoubtedly profited from.
Given the top shelf art that Findlay has with its value will only ever increase.
Findlay divides the book into four handled through his career, readers
sections, symbolically naming the first must steel themselves as even most
three for Zeus’s daughters, the Three quotidian examples he gives involve
Graces, in order to analyse complexities names that read like a room sheet at
of modern art. The Met.
Thalia is the Goddess of Fruitfulness Consequently he is much more
thus representing the commercial compelling when he loses the ‘art speak’
marketplace and financial lures of art, and talks frankly about the industry
candidly explaining exactly how money he knows so well such as gallery and
LOWENSTEINS ARTS MANAGEMENT : 4
Interview with Jasper Knight
He is not only a painter, but a sculptor
and installation artist.
Knight says he enjoys doing
collaborative work with other people and
while painting is his mainstay, sculptures
are an integral part of his artistic makeup
too.
To date he’s completed 13 sculptures,
many with his wife, Isabelle.
Knight’s interest in art evolved around
the time he was diagnosed with a brain
tumor at 19.
“I survived that and I knew I just wanted
to be an artist”, he recalls.
“It was very clear to me after that”,
Knight now says.
His body of works after the tumor,
interestingly, was of car drawings.
Knight’s first gallery show was of chairs.
“I bought the 1000 Chairs book and
chose 20 from it and constructed and
glued cardboard to board”.
Today, there’s no doubt the Sydney born
artist is influenced by the city.
“I’ve grown up and worked in the city all
Jasper Knight by Sarah Hendy, 2013 my life,” he says.
It’s the morning after “My idea of painting landscape is
a preview of Jasper The 11 paintings and six paper works
will hang in a show all about racing cars
industrial scenes of the city”, Knight
explains.
Knight’s works at his which opens in Modena in northern Italy
on June 8th. “I’m used to the grit and grime of the
Surry Hill studio in Knight explains that the exhibition is at a
CBD, it always changes, it never bores
me, not at all.”
Sydney. racetrack about 20 kilometres from the
Ferrari factory. Knight says he’s done a lot of shows
featuring the city “in a state of flux,
“It’s an exciting opportunity and I get to awaiting a rebirth, featuring a new
The private preview, or “studio hang”, go over and show my work to another crane”.
as Knight calls it, for 150 friends and country, which is one of the reasons you
associates was well received and the 34- make work”, he says. “Things are constantly evolving with the
year-old feels buoyed by the reception city for better for worse”, he says.
The opportunity came about via “one of
given to his latest body of work. my old gallery managers who’s Italian While his three art galleries represent a
Only three days before, Knight had, with and has started working out of Italy variety of different artists from Australia
his architect partner, made a flying dash again.” and around the globe, Knight nominates
to Alice Springs returning just in time to Jeffrey Smart, Howard Arkley and
Knight’s appeal as an artist is universal.
act the congenial host for his art preview. the late Adam Cullen as his favorite
Since 2007 he has held solo shows in
All this busyness is nothing out of the Australian artists.
Berlin, London, Paris and Hong Kong.
ordinary for Knight. Knight was fortunate not only to meet
It was only five years earlier that Knight
When not painting Knight, who’s been both Smart and Cullen but given the nod
completed a Master of Arts at the
selected as an Archibald finalist six College of Fine Arts in the University of to paint them both.
times, has his hands full running three New South Wales. Smart has lived in Italy since the 1960’s
art galleries which he co-owns – two Inspired by the Pop Art tradition, Knight and invited Knight to his home in
in New South Wales and another in uses many textural surfaces in his Posticcia Nuova, near Arezzo, in the
Singapore. artworks such as plywood, masonite, south-east of Tuscany.
It’s perhaps befitting that his latest body perspex and other materials which all Knight spent time talking with the artist
of work features racing cars. usually have a history. and the two had dinner together.
LOWENSTEINS ARTS MANAGEMENT : 5
Interview with Jasper Knight cont.
“I could see the body of work (he had also the subject of the Archibald For the grandson of Sir Harold Knight
done) and his inspiration for it”, Knight competition. the future looks exceedingly bright.
says. A portrait of him by Melbourne based He was a finalist for not only this year’s
Knight says the influences for the late artist, Sarah Hendy, was too a finalist in Archibald Prize but also the 2013 Sir
Adam Cullen’s work were also obvious. this year’s Prize. John Sulman Prize.
“The Australian bush and the animals Hendy describes Knight as “a warm, Last year he was selected as a finalist
were his inspiration”, Knight says. generous and extraordinarily vivacious for the first time for the 2012 Doug
“I got to see Adam work a lot and that character”. Moran National Portrait Prize for his
was fantastic”. “I painted with him and depiction of Jeffrey Smart and was
She met Knight last year while preparing also a finalist for the Wynne Prize for
I could see where that bad boy side for her first solo exhibition at his Sydney
came from”. landscape painting.
gallery, Chalk Horse.
Cullen was Knight’s entry in this year’s But don’t think for one moment Jasper
Knight confesses he admires works by Knight takes it all for granted.
Archibald Prize for which he was many American artists, rather than the
selected as one of the 38 finalists. He recounts a recent episode outside
Europeans, but cites Englishman, David
In 2000, Cullen won the Archibald Prize his studio where he was taking a
Hockney, as a favorite.
for his portrait of actor, David Wenham. photograph of one of his works when “a
Hockney, who resided in Los Angeles for man in his 60’s, driving an expensive
While the prestigious Archibald Prize has many years before returning to England car” drove by.
eluded Knight several times he appears in recent times, was an important
unfazed. Through his open car window the man
contributor to the Pop Art movement of shouted out to Knight: “It looks like a
“You don’t even worry about it”, he says. the 1960’s and is considered one of the bad Cullen, no a bad Jasper Knight”, he
“I enjoy being part of the whole Prize”. most influential British artists of the offered before driving off.
“I enjoy painting interesting people”, 20th Century.
Knight is somewhat taken aback but
Knight offers graciously. His vivid depictions of LA swimming reflects, “It wasn’t my strongest work”.
“The feeling that you’re lucky enough to pools are unique. Jasper Knight is represented by
even be part of it is enough”, he says. “He just uses paint extremely well”, Australian Galleries in Sydney and
Ironically, Jasper Knight himself was says Knight. Melbourne.
Budget details
The Treasurer Mr Means- test Exemption for downsizing
homes
of the benefits for Centrelink purposes.
Phase out of Medical benefit offset.
Wayne Swan, delivered There will be a pilot program introduced From 1 July 2013, the medical offset
his 6th budget for the where senior Australians who decide to
move out of their family home that they
will be phased out making it less as the
year’s progress through to its abolition in
upcoming 2013-2014 had previously owned for at least 25 2015/2016 except for Disability costs.
years can move into retirement village
fiscal year on May 14th. and not face the punitive means testing
CLIENT ALERT
Amongst the highlights were a 18 billion
dollar deficit, and funding for the Gonski From 1st July 2013 the compulsory superannuation will increase by .25% to 9.25%,
Report and the National Disability All Employers should ready themselves for this additional impost and ensure that
Insurance Scheme. This was to be paid their payroll software has been updated.
for with cuts to Welfare payments and the For more information. The links are
already announced .5% increase to the http://www.budget.gov.au/2013-14/index.htm
Medicare levy.
Of some interest to our clients , the
following is presented.
2012-13, 2013-14 and 2014-15 income years
New tax tables: Taxable income $ Tax payable $
The proposed tax cuts for the 13/14 year
has been deferred and rates will remain 0 - 18,200 Nil
the same.
18,201 - 37,000 Nil + 19% of excess over 18,200
Self – Education costs to be capped
The Government has announced that the 37,001 - 80,000 3,572 + 32.5% of excess over 37,000
costs of self education will be capped at 80,001 - 180,000 17,547 + 37% of excess over 80,000
$2000 as a deduction from 1st
July 2014. 180,001+ 54,547 + 45% of excess over $180,000
LOWENSTEINS ARTS MANAGEMENT : 6Superannuation changes
The Federal will be taxed at the same concessional
rate of 15 per cent that applies to
The Government will allow all individuals
to withdraw any (i.e. unlimited) excess
Government recently earnings in the accumulation phase. concessional contributions made from
The $100,000 threshold will be indexed 1 July 2013 from their superannuation
announced a to the Consumer Price Index (CPI), and fund. In addition, the Government will
number changes to will increase in $10,000 increments.
Assuming an estimated rate of return of
tax excess concessional contributions
at the individual’s marginal tax rate, plus
superannuation. 7.5 per cent, earnings of $100,000 would an interest charge to recognise that the
be derived by individuals with around tax on excess contributions is collected
From July next year, earnings of more $1.333 million in superannuation. later than normal income tax. This
than $100,000 on superannuation Grandfathering effectively replaces the “one-off” refund
pensions will be taxed at 15 percent of excess contributions that applied to
A grandfathering regime will apply for
instead of being tax free. contributions that exceeded the cap by
CGT purposes under this proposal for
less than $10,000.
In announcing the changes, Treasurer existing investments that were
Wayne Swan, said it would improve acquired prior to the date of
the fairness and sustainability of the announcement (5 April 2013). The
superannuation system. capital gains on such investments
The government expects the change (in pension phase) will be
will only affect people with more than $2 exempt until 1 July 2024. The tax
million in superannuation assets. treatment will differ for investments
depending upon the date of their
Not surprisingly the move has been purchase.
criticised by the Opposition with Tony
Abbott saying “the government was CGT Arrangements
raiding people’s retirement savings to Three potentially different
fund its own excessive spending.” treatments may apply, depending
Here’s how it will work: on the date of the acquisition of the
asset.
Changes to the contribution caps
from 1 July 2013 For assets purchased before
5 April 2013, the date of the
The general $25,000 concessional announcement, the proposed
contribution cap remains but will measures will only apply to capital
increase to $35,000 (unindexed) gains accruing after 1 July 2024.
dependent upon the individuals age. The This provides approximately 10
$35,000 cap will apply for individuals years of exemption.
aged 60 and over at 1 July 2013. This
$35,000 will apply to those aged 50 and For assets purchased from 5 April
over at 1 July 2014. 2013 to 30 June 2014, a choice
may be made to tax the gain in
Taxation of earnings on respect of the entire period or only to Dear Trustees self portrait - 2013 by Michael Lindeman
superannuation funds paying that part which accrues after 1 July
pensions
The Government has effectively
2014. If the latter option is adopted it will
be necessary to ascertain the market Taxation Issues
reduced the tax exemption for earnings value of the asset at 30 June 2014. The ATO has announced data-matching
on superannuation assets supporting programs to identify instances where
For assets purchased from 1 July 2014,
pensions by capping it to the first taxpayers may not be meeting their tax
the reform relates to the gain for the
$100,000 of future earnings for each obligations. The ATO says it will collect
entire ownership period.
individual. Under current arrangements data from various banks and credit card
all earnings are tax-free, in contrast to Note: The income of a superannuation companies relating to credit and debit
earnings in the accumulation phase fund is taxed at a concessional rate cards sales of entities for the period 1 July
of superannuation which are taxed of 15%. A capital gain received in a 2011 to 30 June 2012. This will assist in
at 15 per cent. The change does not superannuation interest is also taxed at identifying circumstances requiring ATO
affect the tax treatment of withdrawals. the rate of 15%. However the gain may administrative action.
Withdrawals will continue to remain be subject to a (1/3) discount, leading
Records relating to approximately 900,000
tax-free for those aged 60 and over, and to a net rate of 10%. Under current
merchants will be matched. The ATO
face the existing taxes for those under law pertaining to pension interests,
says it will also collect from state revenue
age 60. all investment income including an
offices and other government agencies the
assessable gain is exempt under the
From 1 July 2014, future earnings names and addresses of individuals and
exempt current pension interest (ECPI)
(such as dividends and interest) on entities transacting with real property in
provisions.
assets supporting income streams will order to identify non-compliance with the
be tax-free up to $100,000 a year per Changes to the treatment of tax law. Records relating to over 10 million
individual. Earnings above $100,000 excess contributions individuals will be matched.
LOWENSTEINS ARTS MANAGEMENT : 7National Cultural Policy Summaries
After many years of expectations 3. Support excellence in the arts of the Cultural Gifts Program
the long awaited National Cultural sector
3. Improvement in professional
Policy was released by the now ex
4. Strengthen the capacity for the arts training
Minister Crean on the 13th of March
to strengthen Australian society as
and is designed to set forth the long Other issues discussed are arts
a whole
term strategy of Arts funding and the education, digital innovation and
framework for Australian Government 5. Ensure technology and digital arts encouragement and mentoring of
support for arts, culture and creativity for keep pace with the times. Aboriginal groups.
the next ten years, providing Australia The report can be read in full in
with a common strategic direction These goals will be achieved through 3
main pathways for action : http://creativeaustralia.arts.gov.au/
and rationale for current and future
investment. 1. Improving funding systems. This Disappointing to note that although
involves a restructure of the main improving the Cultural Gifts program ,
Under the banner of Creative Australia it there is very little mention of any other
funding body being the Australia
is the Governments’ attempt to forecast tax and superannuation changes that
Council. This is to be kick started
the direction of the arts in Australia. have so adversely affected the arts
with a boost to funding of $75
Highlights of the report include: million over 5 years. sector and particularly the visual arts.
The setting of 5 goals which are One still remains confident that these
2. Improvement to fund raising and
1. Recognition of Aboriginal and philanthropy by the strengthening of issues will be placed prominently at the
Torres Strait people the Creative Partnerships Australia foot of the Government by ourselves and
that came out of the Mitchell Report other lobby groups.
2. Support diversity and make culture
accessible to all Australians into Philanthropy and streamlining
When did you last update your will?
By Tom Lowenstein
Over the past few years, I have been accountant and your solicitor are with your accountant and solicitor as
confronted with numerous problems in consulted and are fully aware of your a part of the preliminary discussion to
my capacity as Executor, mediator, and/ assets and their location. In the first ensure that they communicate with each
or advisor to Deceased Estates. Many instance you should consult your other and are fully informed of your
of the problems arose from homemade accountant and obtain a comprehensive circumstances.
Wills, and from Wills prepared without list of your assets and liabilities, In case of artists where a large part of
the lawyers consulting the clients’ including the date that the assets were their estate is in the form of artworks,
accountant. In some instances, it was acquired, as there could be possible special considerations need to be
impossible to carry out the wishes Capital Gains Tax implications. You addressed.
of the Deceased due to technical or should also ask your accountant to
If you would like to find out more
legal reasons. Problems arose when prepare a chart of your business
regarding the financial implications
properties left to beneficiaries were not structure and to provide your solicitor
of making a Will and Estate planning
actually owned by the Deceased but with copies of Trust Deeds and company
contact us for further information
instead belonged to a company or a documentation, to establish in what way
regarding this article.
Trust under their control or where the the control of these entities is exercised.
assets left in the Will no longer existed, It is also necessary for you to prepare a
or had already been gifted during the comprehensive list of your beneficiaries,
Deceased’s lifetime. including children by previous marriages William Dobell,
When preparing a Will the most or others who could claim to be your Margaret Olly
114.3 x 85.7cm
important aspect is that both your dependents. Ideally, you should meet oil on hardboard, 1948
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Melbourne Sydney IMPORTANT
This is not advice. Readers should not
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Melbourne VIC 3004 Bondi Junction NSW 2022 contained in this newsletter. Items herein
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Changes in legislation may occur quickly.
T + 613 9529 3800 T + 612 9389 2400 We therefore recommend that formal
F + 613 9525 1616 F + 612 9389 6506 advice be sought before acting in any of
lam@lowensteinsarts.com.au lams@lowensteinsarts.com the areas covered in this letter.
Tom Lowenstein Partner Tom Lowenstein Partner
Evan Lowenstein Partner Adam Micmacher Partner Newsletter design by Web Prophets Pty Ltd
Adam Micmacher Partner Michael Zillig Partner
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